Google Wants to be the Replacement for Your Portfolio

Well we suspected: the built-in NFC technology in the Google Nexus S is not there by chance. The search giant announced on Thursday the ambitious desire to become the next portfolio (of money even) of smartphone users. Therefore, you want to use and abuse the platform Android.

At an event at his office in New York, Google brought together key partners from the financial sector to demonstrate the Google Wallet (Google Wallet, in free translation).This is an application that uses the NFC proximity sensor to make payments in shops, taking the place of cash and also the credit card.

According to information provided by Google, Google Wallet will work as a PayPal, which still depends on conventional credit cards. After register them in the service (which involves all the security checks), the smartphone will be used to make payments. With a touch on the screen, relying on the company.

“Google Wallet is a key part of our ongoing effort to leverage purchases for both merchants and consumers,” wrote the company. Part of leverage purchases for consumers is due to the numerous possibilities of special offers that service provides. For example, customers who were often in the same establishment could easily earn discounts on specific products. The sky is the limit, so to speak.

The payment will be based on Google Wallet Citi MasterCard or prepaid card Google, which will be offered loose way to interested customers. In the near future, all MasterCard cards must be accepted by the service.

To use Google Wallet requires that the establishment has a specific equipment NFC reader, which is produced in the US by First Data Corp. Among Google’s partners in this endeavor is the fast food chain Subway and Macy’s and American Eagle Outfitters store departments.

There promises to release APIs for developers who want to use Google Wallet, as well as building an open ecosystem of trade. Google also promised to release the Wallet to other devices soon.

Visa

Google invested in technology-based commerce is great and deserves our applause. It is worth remembering that Visa has also done tests related to NFC. The company credit cards began a pilot program – also in New York City, see what a coincidence – in which customers pay the subway just approaching the smartphone NFC reader.

Watch below the video that demonstrates the functionality.

To my knowledge, Visa technology for NFC depends on the iPhone and its own chip for this.